Petrol price hike to have some impact on inflation: FM

Oil companies yesterday raised petrol prices by Rs1.80 per litre, citing the impact of rupee depreciation on the cost of crude oil imports. The price hike comes at a time when inflation is touching double digits and the move could have a cascading effect on prices

New Delhi: Finance minister Pranab Mukherjee today said the latest hike in petrol prices will have some impact on inflation, which is currently hovering close to the double-digit mark, reports PTI.

“Of course it will have some adverse impact on inflation.

But the oil prices are going up and petrol is a decontrolled item,” he told reporters here.

Oil companies yesterday raised petrol prices by Rs1.80 per litre, citing the impact of rupee depreciation on the cost of crude oil imports. Following the increase, petrol in Delhi will cost Rs68.64 a litre.

On why the government’s allies were not kept in the loop about the price hike, Mr Mukherjee said, “Nobody in the government knows... because petrol prices are increased by the petroleum companies, not by the government. Diesel, kerosene and gas are controlled items.”

UPA partner Trinamool Congress has expressed unhappiness over the petrol price hike.

While the CPI (M) has demanded the immediate roll-back of the petrol price hike, the main Opposition party, the BJP, has termed it as ‘midnight deceit’.

The petrol price hike comes at a time when inflation is touching double digits and the move could have a cascading effect on prices.

Inflation in September stood at 9.72%, much above the Reserve Bank of India’s (RBI) comfort level of 5%-6%.

Petrol prices were freed from government control in June last year.

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Satyam’s founder B Ramalinga Raju, brother granted bail by SC

The apex court also allowed the CBI to approach it for modification of its bail order in case the accused were found misusing their freedom granted by it. The court took into account the fact that the accused have already spent two years and eight months behind bars for their alleged offences carrying a maximum punishment of seven years

New Delhi: In a relief to Satyam’s disgraced founder B Ramalinga Raju and his brother B Rama Raju, the Supreme Court on Friday granted them bail in the multi-crore accounting fraud involving the software firm, reports PTI.

Along with the Raju brothers, a bench of justices Dalveer Bhandari and Dipak Misra also granted bail to Satyam’s former chief financial officer Vadlamani Srinivas on a personal bond of Rs2 lakh each with two sureties of same amount.

While enlarging the trio on bail, the court directed them to surrender their passports before the trial court if they had not done that so far.

There are ten accused in the case. While five others were granted bail by the apex court on 12th October, two were given bail earlier by other courts.

The court also allowed the Central Bureau of Investigation (CBI) to approach it for modification of its bail order in case the accused were found misusing their freedom granted by it. While passing the order, the court took into account the fact that the accused have already spent two years and eight months behind bars for their alleged offences carrying a maximum punishment of seven years.

On 12th October, the apex court had granted bail to four Satyam employees—its former internal chief auditor VS Prabhakar Gupta, executives G Ramakrishna, D Venkatpathi Raju and Ch Srisailam besides PricewaterhouseCooper’s former auditor Subramani Gopalakrishnan.

The five had approached the apex court challenging the 30th August order of the Andhra Pradesh High Court which had rejected their bail pleas.

Ramalinga Raju’s younger brother B Suryanarayana Raju and former PWC auditor T Srinivas had been granted bail by different courts earlier.

Ramalinga Raju had been arrested first in January 2009, but his bail was cancelled in October last year by the Supreme Court.

While cancelling his bail, the apex court had stipulated that the accused could file another bail application only after 31 July 2011, if the trial in the case is not completed in the local court.

Following cancellation of his bail on CBI’s plea, Ramalinga Raju had surrendered on 10th November, last year before a Hyderabad court adjudicating the nation's biggest corporate fraud, allegedly to the tune of Rs14,000 crore.

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COMMENTS

S Prabhu

6 years ago

Hearty congratulations to the Judiciary and the UPA. Keep up the good work.

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